Sunday, June 01, 2008

Banks to offer IPO

Bank of Shanghai Co, 8-percent owned by HSBC Holdings Plc, is preparing for an initial public offering to beef up capital, according to China's central bank.

Chongqing City Commercial Bank, Bank of Tianjin and Hangzhou City Commercial Bank are also working on first-time share sale plans, the People's Bank of China said yesterday, without giving more details.

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